What Is Behavioral Economics, and Where Are the Free Lunches?
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16 Responses to “What is Behavioral Economics?”

  • Alon Ben Tzvi:

    “The presumed irrationality of the public is a pattern running through
    many, if not most or all, of the great crusades of the anointed in the
    twentieth century–regardless of the subject matter of the crusade or the
    field in which it arises. Whether the issue has been ‘overpopulation,’
    Keynesian economics, criminal justice, or natural resource exhaustion, a
    key assumption has been that the public is so irrational that the superior
    wisdom of the anointed must be imposed, in order to avert disaster. The
    anointed do not simply ‘happen’ to have a disdain for the public. Such
    disdain is an integral part of their vision, for the central feature of
    that vision is preemption of the decisions of others.”

    Thomas sowell

  • Robert Sundström:

    The theories of the Austrian School of Economics define “rational” as
    acting purposefuly towards goals – using the information that is available.

    It doesn’t assume that people are perfect in their way of thinking. People
    make logical errors and they do sometimes act by unconscious instincts. It
    is all about learning from those mistakes.

  • strategybuilders.eu:

    ▶ What is Behavioral Economics? – YouTube http://ow.ly/nKCpi #behavioral

  • Laurie Borland:

    How does behavior affect economic decisions and influence how policy is
    made? I’m taking a class at Duke with professor Dan Ariely. Are you the
    default? Stay tuned for my write up on how defaults affect you, the world
    you are in and the decisions you think you make.

  • eliku89:

    wow, your ignorance and failure to concentrate on what is essential will
    most certainly make you fail to achieve a fraction of what he has or any
    higher academic pursuits for that matter. Good luck!

  • cbebutuoy:

    “In his senior year of high school, he was active in Hanoar Haoved
    Vehalomed, an Israeli youth movement. While preparing a ktovet esh (fire
    inscription) for a traditional nighttime ceremony, the flammable materials
    he was mixing exploded, causing third-degree burns over 70 percent of his
    body.[3] In his writings Ariely describes how that experience led to his
    research on “how to better deliver painful and unavoidable treatments to

  • vin c:

    I was thinking of becoming a psychology major but for some reason I keep
    coming back to economics from when I was a high school student. I like how
    psychology gives me the the know how for understanding how people really
    act in a world like ours but this sounds interesting! How would you go
    about entering this kind of field?

  • FromLilithsLips:

    I feel sorry for you.

  • xuimod:

    Guy has a little bit of Bell’s Palsy going on. Its a bit distracting tbh.
    They could have used a better spokesperson.


    yes. the rational assumptions in classical economic theory really need some
    tweaking; we learn from cognitive psychology and critical thinking,
    prejudices and biases cloud our so-called rational judgments and
    decision-making all the time; simply put, its a safe assumption to make
    that humans are irrational by default, and only rational with applied
    effort and under the right conditions, notably, when the mind is very calm
    and at ease.

  • vcvitiko:

    He is there for a reason..he is one of the best at what he do.

  • George Dolack:

    Cool vid. Guy needs a new tie. Anyways, most of America acts like Homer
    Simpson because we are never taught in school about when things end. We are
    so concerned about picking people up when they fall, that when you actually
    hit rock bottom or financial collapse we just look for the next handout or

  • jack smack:

    im 12 and learning about economic

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